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Another victory!

Well that was easy. Thanks to Georgio for writing in about the EUR/GBP, he’s the most brilliant Greek trader that I know! The pair has matched its gain as of when we talked about t yesterday and met its price target. Money in your pocket.

But what next? I’m looking for a consolidation now, and then another pop out of that higher, up to around .7250. It would be an aggressive move, but I think we can afford to feel frisky because the market itself is being aggressive.

Watch how cool this is though: triangles and pennants are kissing cousins. The pair hit its target based on the distance of the base very easily and look at what extreme moves it made recently before the triangle consolidation. It makes sense it could be a pennant on the weekly chart or be treated similar here on the daily. Distance between the base of the last upthrust and the triangle top is 300 pips. So let’s call a 300 pip target to the topside, from the breakout the other day.

And the best part, the cream on top, is when you go to the weekly chart (below) there is long term resistance there! Beautiful isn’t it. I think it’ll gun for it. Let’s watch and see if it makes it.

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